SILVER PRICE ANALYSIS: XAG/USD TUMBLES AS US INFLATION BOOSTS TREASURY YIELDS
- Silver's price dips 1.48% to $24.10 following a stronger-than-expected US inflation report.
- XAG/USD may fall further if it breaks $24.09 support.
- Recovery needs hold above $24.09; potential bounce between $24.00-$24.70.
Silver price plunged late in the North American session following a hot inflation report in the United States that sponsored a rise in US Treasury yields, a headwind for the non-yielding metal. Therefore, the XAG/USD dropped from around year-to-date (YTD) highs of $24.68 and trades at $24.10, down 1.48%.
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